All Episodes
The Universal Owner — 100 episodes
The Universal Owner — 2 October 2026 — Thirty-year paper, five-year chips
The Universal Owner — 1 October 2026 — Two machines priced one balance sheet. Only one shows its working.
The Universal Owner — 30 September 2026 — The rights are the risk. The tape kept buying.
The Universal Owner — 29 September 2026 — Private assets: the price, the cash and the control
The Universal Owner — 28 September 2026: The barrels came back. The long end had already moved.
The Universal Owner — 24 September 2026: The cost of capital is rising. So is the cost of control.
The Universal Owner — 22 September 2026: QIA signed $20bn of paper. GIC took 9% off to leave.
The Universal Owner — Monday, 21 September 2026: Qatar’s $60 billion new platform
Four of eighteen — Canada’s pension fund sold, Norway and Abu Dhabi bought
The allocation nobody voted on — Tuesday, 15 September 2026
The pool everyone needs is getting bigger — and more concentrated — 9 September 2026
What You Can’t See, You Can’t Exclude — 8 September 2026
Extended Listen — Monday, September 7, 2026: What Japan’s reserve data actually says
The Universal Owner — Monday, September 7, 2026: Capital is being given a job
The Universal Owner — September 6: The oil fleet is now a target set
Permission Is Not Proof — 5 September 2026
The safe asset stopped behaving like one — 4 September 2026
Norway accepts the concentration it cannot easily hedge
The amount doubled. The share held. — 2 September 2026
The bill changed hands. The risk did not. — 1 September 2026
The Universal Owner — August 31: Two record numbers, one honest question
Treasury sold $44 billion. The 7-year stopped at 4.512%.
The promise and the timetable
Britain bought the mine. It did not buy the tungsten.
Britain bought the mine. It did not buy the tungsten.
Private Markets’ New Bargain: Less Voice, Limited Exit
Seven doors - and a fund that is 35.8% cash
The Measurement Gap — 19 August 2026
The Universal Owner — NVIDIA capped it at $105bn. The power is 92% gas.
UAE attributes Friday’s ADNOC attack. Vessel identities undisclosed.
The Rights You Actually Bought — 14 August 2026
The Verb After the Number — 13 August 2026
The Allocation Nobody Made — 12 August 2026
The chip becomes a toll road — 11 August 2026
The strait is now a bargaining chip, not a shipping lane
Three corridors, one question about insurance
The Universal Owner — 5 August 2026: The risk didn’t disappear. It changed hands.
The Capital Is Ready. The River Isn’t.
A Headline Yield Is Not a Liability Curve — Fri 31 Jul 2026
The Universal Owner — 2026-07-30: Cover, Not the Level
Nobody Publishes That Number
The Terms Not Disclosed — 28 July 2026
Who Stands Behind It
The Price of Optionality — July 24, 2026
UAO Fiduciary Special — When the Data Goes Private
The Universal Owner — The Liquidity Turn (22 Jul 2026)
Three Routes, One War — The Universal Owner, 21 July 2026
The Universal Owner — When chokepoints, chips and state capital collide (Jul 20, 2026)
The Universal Owner — On the Record: Mubadala, CPP & CalSTRS (The Big Read)
The Insider: The 14.8% Year — and the Harder Number, 85
The Universal Owner — July 17, 2026: The market has stopped charging for the war
The Universal Owner — July 16, 2026: The disinflation you can least rely on
The Universal Owner — Is AI Eating Its Own Budget? (July 15, 2026)
The Universal Owner — July 14, 2026: The Blockade Returns. The Rules of Passage Don’t.
Open on Paper. Closed in Practice. — Monday, July 13, 2026
The Universal Owner — 12 July 2026: Depth vs. Loyalty, and the Week the Strait Closed
The Universal Owner — July 10, 2026: Japan Bets on Itself. Temasek Goes Maximum AI.
The Sovereign Debt Squeeze — UAO Daily, July 9, 2026
The Universal Owner — July 8, 2026
The Universal Owner — Oil Cash Down, AI Bets Up (July 7, 2026)
Washington Wants Five Percent — Monday, July 6, 2026
The Universal Owner — Resilience Becomes the Portfolio (Weekly Insider, 4 July 2026)
The Signal Just Got Noisier — July 3, 2026
UAO Fiduciary — Ep. 1: What the world’s largest owners owe
Build the CIO, or Rent One? — July 2, 2026
The End of the Allocation Bucket — CalPERS Goes Total-Portfolio
The Universal Owner — June 30, 2026: The Diversification Tax
The Universal Owner — Crowded Into Compute (Mon, Jun 29, 2026)
The Universal Owner — The Risk-Free Rate Reset (Weekly, June 28, 2026)
The Universal Owner — When Private Markets Meet the Exit Door (June 26, 2026)
The Universal Owner — June 25, 2026: The End of Cheap Money
The Universal Owner — Fiduciary Duty at the Scale of the World
UAO Fiduciary — Washington rewrites the rules of duty (Edition 001)
The Universal Owner — June 24, 2026: When “diversified” became a concentration bet
The Universal Owner — Tuesday, June 23, 2026
The Frontier - Weekly Recap | The 49-Gigawatt Deficit | June 21, 2026
Yasir Al-Rumayyan: The Architect of Capital | The Universal Owner — Weekend Edition
The Probability Desk — June 19, 2026: Lebanon Breaks the Nuclear Calendar
The AI Power Grid Crunch — Fri 19 Jun 2026
The Universal Owner — June 18: The Fed goes quiet, Norway recovers $68bn
The Universal Owner — June 17: Decision day, and the easing put expires
The Probability Desk — 2026-06-15: Will the Hormuz Reopening Hold?
The Universal Owner — June 15: Warsh’s First Meeting, Oil’s Round Trip, CalPERS Rewrites the Rules
The Frontier — The Power Wall
The Universal Owner — Jun 12: The liquidity that isn’t there
The Universal Owner — 2026-06-11
The Universal Owner — June 10: The biggest US pension deletes the rulebook
The Probability Desk — 2026-06-09: The 5% Anchor — Has the Risk-Free Rate Reset for a Decade?
The Probability Desk — 2026-06-08: A Trickle Into a Tight Market — Where Does Brent Settle?
The Universal Owner — Jun 8: The jobs beat that’s freezing underneath
The Universal Owner — June 6: Thirty billion for five gigawatts
The Universal Owner — June 5: The watchdog’s new worry
The Probability Desk - 2026-06-05: The Hot-Jobs Trap - Will Warsh’s Fed Cut at All in 2026?
The Universal Owner — June 4: The Gulf kept buying through the war
The Universal Owner — June 3: The illiquidity premium splits the pensions
The Universal Owner — Jun 2: $26bn through the war
The Universal Owner — June 1: China’s Split Signal
The Universal Owner — 2026-05-30
The Universal Owner — May 29: The Ceiling of Stewardship
The Universal Owner — May 28: Korea’s pension votes home